Hot Stocks: UPST, WIRE jump on earnings news; DVN, AKAM fall

Amid another mixed performance on Wednesday, a handful of notable stocks moved dramatically on earnings news. This included Upstart Holdings (NASDAQ:UPST), which expanded its value by nearly a quarter after announcing a better-than-expected bottom-line figure.

Encore Wire (WIRE) also rose on earnings news, while Devon Energy (DVN) and Akamai (AKAM) declined in the wake of their respective quarterly updates.

Gainers

Upstart Holdings (UPST) surged 23% in midday trading after the fintech announced a narrower-than-expected quarterly loss. The firm's revenue was cut by more than half compared to the previous year, plunging 52%. However, the total of about $147M still exceeded analysts' expectations by almost 10%.

Looking ahead, the company predicted an adjusted net loss for Q1 of about $70M, with an adjusted EBITDA loss of around $45M. UPST predicted Q1 revenue of approximately $100M.

The release of earnings news also prompted buying in Encore Wire (WIRE). Shares of the maker of copper and aluminum wire rose almost 10% after the firm easily beat expectations with its Q4 earnings.

"Continued tightness in the availability of key raw materials and the general inability of the sector to meet demand for the timely delivery of finished goods kept spreads strong in the fourth quarter of 2022," the company's CEO said.

Decliners

Devon Energy (DVN) slumped 12% after the release of disappointing quarterly results. The company reported Q4 adjusted earnings that fell more than expected from last year.

DVN also projected flat production for Q1, targeting output of ~635K boe/day compared to the 636K boe/day reported for Q4. For the full year, the company forecast production of 643K-663K boe/day.

Akamai (AKAM) also showed midday weakness, dropping by 11% despite the release of Q4 results. RBC Capital Markets downgraded AKAM in the wake of the results, lowering its rating to Sector Perform from Outperform. The firm cited a "clear change in strategy" on the firm's post-earnings conference call.

To track Wall Street's best- and worst-performing stocks throughout the session, turn to Seeking Alpha's On The Move section.